Binance, the world's largest crypto exchange, has seen a significant decrease in its market share over the past year, according to a report by 0xScope published on Monday. The exchange's spot trading market share fell to 40% in late 2023 from 62%, possibly linked to its listing strategy that led to most popular coins slumping post-listing. In contrast, Upbit's share rose significantly from 5% to 15.3% during the same period.
Despite still leading with a total crypto trading volume share of 51.2% as of October 2023, Binance's lead over competitors such as OKX is diminishing. OKX has emerged as the second-largest spot and derivative trading exchange, surpassing Bybit, Bitget, and MEXC with support from OKX Ventures.
The report also highlighted Binance's decreasing social media presence. The number of Binance's Twitter followers decreased by 5% over the past year, while OKX's followers surged over 200%. This downward trend on social media for Binance contrasts with its increased followers on platform X.
Binance founder CZ saw his fortune slashed by $12 billion, while SBF's remains at $0. This financial setback occurred alongside a 10% trading volume drop over the past year and quarter amidst regulatory scrutiny and key executive departures.
Meanwhile, other exchanges such as Huobi, Kucoin, and Gate form the third tier of exchanges. Despite similar deposit address activity between Binance and OKX, Coinbase (NASDAQ:COIN)'s historical addresses remain largely unused.
In October 2022, Binance had an overall market share of 54.6%, indicating a decrease in its dominance over the past year. The evolving landscape of cryptocurrency exchanges suggests a shift in market dynamics with competitors like OKX gaining momentum.
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